SEC Delays Grayscale Spot Ethereum ETF Decision
The Securities and Exchange Commission (SEC) has decided to extend its review period for a proposal from Grayscale regarding a spot Ethereum exchange-traded fund (ETF).
NYSE Arca initially requested this change on October 10, 2023, and public input was accepted until October 27, 2023.
SEC Takes Longer to Understand Proposal
In a recent filing, the SEC announced that it will delay the decision on the Grayscale spot Ethereum ETF.
According to regulations, the SEC has 45 days to make a decision on such proposals but can extend the review period to 90 days if necessary.
The original deadline for this proposal was December 11, 2023. However, the SEC has opted for additional time to fully comprehend the details.
As of now, Ethereum is priced at $2,296.
New Deadline for SEC Decision
The SEC has set a new deadline of January 25, 2024, to make its final determination on the Grayscale spot Ethereum ETF.
The commission wants to ensure that all aspects are thoroughly considered before reaching a verdict.
About Grayscale’s Proposal
Grayscale initially submitted its proposal for a spot Ethereum ETF on October 2. It was previously reported that the asset manager holds around 2.5% of the total circulating ETH supply.
Hot Take: SEC Delays Decision on Grayscale Spot Ethereum ETF
The SEC has chosen to take more time in evaluating Grayscale’s proposal for a spot Ethereum ETF. This delay extends the decision deadline to January 25, 2024. The commission aims to carefully consider all aspects before reaching a conclusion. Grayscale, as a significant holder of ETH, submitted the proposal on October 2. This development highlights the ongoing regulatory scrutiny surrounding cryptocurrency ETFs and their potential impact on the market.
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